Statement: Mets End Talks with Einhorn

The deal between hedge-fund manager David Einhorn and the New York Mets has collapsed.

The Major League Baseball team said that it could not reach a deal with Einhorn to acquire a minority stake in the team and decided not to extend the exclusive negotiating period any further.

Here’s the Mets’s statement:

STATEMENT FROM THE NEW YORK METS

FLUSHING, N.Y., September 1, 2011 – The New York Mets’ Owners announced today that their period of exclusive negotiations with David Einhorn regarding a minority, non-operating interest in the Mets has expired and Ownership has decided not to extend the exclusive negotiating period any further. After months of negotiation, the parties were unable to reach agreement, and Mets Ownership has decided to explore other options.

Ownership has provided additional capital to cover all 2011 losses and is moving forward with the necessary resources to continue to operate the franchise. Ownership will explore other strategic transactions and is under no financial pressure to do a deal on any particular schedule.

“We are very confident in the team’s plans – both off and on the field,” said Mets Chairman and CEO Fred Wilpon. “We will engage with other individuals, some who have been previously vetted by Major League Baseball, along with other interested parties, regarding a potential minority investment into the franchise. My partners and I thank David for his interest in considering this opportunity and wish him well in the future.”

Comments (3 of 3)

What better way to access the capital you need then by showing all your creditors how close you are to securing an additional $200 million. Einhorn should have seen this coming and demanded the deal to close faster. Remember, the Wilpons come from the Madoff line of thinking; Scam first ask questions later.

11:12 am September 1, 2011

scarborough investor wrote :

Pathetic! My sympathy for the NYM fans and the exploited 2011 season ticket purchasers. It's chapter 11 as NO ONE will buy season tickets for 2012 and the TV advertising revenues will plummet. Who will guarantee the overpaid contracts for Bay, Wright, Santana etc.? Goodbye Reyes - he would be insane to sign w/ the NYM's. It's time for NYM fans to root for the only "major league team" left in NYC: the NYY's!

11:05 am September 1, 2011

Fan wrote :

How about trading (selling) David Wright to the Phillies? That would raise some extra cash.

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